Selling a house in good condition can be enough of a nightmare as it is, so it’s no wonder that selling a house with foundation issues is even more difficult. However, many homeowners will make the decision to place their property on the market as soon as they discover problems – especially when it’s something serious like foundation issues. Foundation problems area a huge issue and can be a long and difficult wall to climb for potential buyers.
However, it is completely understandable. Foundation issues cause more complications and issues for the rest of the house, and the costs can really start to add up. Especially in areas of the house where unpredictable, natural events occur. Floors and porches will likely be the first to crack and sink.
The one bit of good news is that this isn’t the end of the world if you’re looking to sell. People will consider purchasing your house as-is or with prior repairs. Below are a few issues you may run into with your property and how you should address them when looking to sell.
Can I Sell A House With Dry Rot
When selling a house with dry rot, it can be challenging as your options are fairly limited. Fungi can spread quickly, especially in damp places, and rot the wooden parts of your house.
Whilst repairs are certainly possible, depending on the level of damage and how widespread it is, it can be a time consuming process that comes along with a hefty price tag. Hence why mortgage lenders don’t like to lend an awful amount to potential buyers.
As with any issues with your property, you need to assess the situation and find out just how bad it actually is. Is it in the late stages or not? There area few signs of dry rot in the early stages such as: sunken and shrinking wood, cotton-like fungus, water droplets on the wood, darkening and cracking of the wood. In the later stages, fungal growth will be easy to spot and the patchy, peeling wood will have a musty smell.
If you decide to repair the problems, your first task should be to locate the moisture source and isolate it, to stop it from spreading. Then removing the decaying wood and replacing it. However, if you don’t want to make the repairs and want to sell it as is, there are two things to bear in mind: potential buyers may have difficulty securing a mortgage on the property and your selling price will also be affected.
Can I sell a house with Japanese knotweed?
The major issue with owning a home that is afflicted by Japanese knotweed is just how difficult it can be to get rid of. Unless you know the correct process to identify and remove it, you’re likely going to have to sell your property at a heavily reduced price. The reason for this is that most regular lenders have a tendency to refuse financing unless there is a professional treatment plan in place.
Two of the biggest issues associated with knotweed are that there is stigma attached to the plant, and that it can be extremely expensive to treat. In order to find a potential buyer, there are some steps that you can try.
Ask a professional
As with any issue in your home, it’s always wise to talk to a professional to see what your options are to get rid of the infestation and lay out a treatment plan that could aid potential buyers by increasing their chances of securing a mortgage.
Inform and help the buyer
It’s required by law to disclose any property damage to potential buyers, so don’t keep them in the dark. Reassuring them that there is a treatment plan laid out ahead of time.
Japanese knotweed problems aren’t the end of the world; however, you need to have a clear plan and be upfront about it. And always keep in mind the effects it will have on the sale price.
Can I Sell A House With Artex Ceilings?
Artex style coatings were widely popular everywhere in the UK in the 80s. Because of the dangers of asbestos that can be found in Artex ceilings means it can be extremely difficult to sell a property that has these ceilings. There’s a rule of thumb that’s commonly accepted which is, if the house in question was built in the past two decades, then it may contain asbestos. However, there’s no way to be sure unless you seek the help of a professional.
Having Artex ceilings in your home means it’s essential to see if it’s a potential source of asbestos by having a professional conduct a survey. Once it’s been identified, you can then decide whether you want to fix it immediately or disclose the issue to any potential buyers.
Try to avoid stressing, as it may not be a huge problem, and is not uncommon. There’s a relatively strong chance that if you fix it beforehand, it may not affect the asking price. Hire a professional to survey your property, then decide what to do and always inform the buyer.
Can I Sell A House With Subsidence
Subsidence is one of the worst obstacles to try and overcome when selling a property. It will occur when the ground the house stands on top of sinks or caves, which causes serious problems with the structural integrity of the property. The effects of subsidence are even more noticeable in droughts or in the summer, when the ground contracts.
Mortgage lenders will refuse mortgages for any property affected by subsidence unless there is a plan for a remedy and all the necessary standards are satisfied. The good news is, most cases can be fixed. You may be able to arrange for a surveyor to diagnose your property and determine the best course of action by contacting your house’s insurance company.
To sell the property, then, means two things:
- Accepting that your house has issues and that your asking price will be lower. It goes without saying that trying to sell a property that buyers can’t secure a mortgage for will be difficult.
- You can complete the repairs your self and hope that the asking price isn’t affected and you can regain the cost of the repairs through the sale.
Selling problem properties is difficult, but not impossible. Proper communication with the buyer and putting the correct plans in place and collaborating with professionals set you up for your best chance of selling a home with big issues.
This article was brought to you by Sam Wadey, blog writer at North East House Buyers. Sam specialises in providing sellers with the handy tips they need to lever themselves out of any sticky situations.
Myles is a first class ‘word nerd’ currently working at the heart of the property industry. He’s particularly passionate about all-things property, interiors and D.I.Y.
Be sure to connect with him via LinkedIn.